Bank of America's head of equities sales for the Americas Michael J. Lynch was replaced by Miceal Chamberlain and Edouard Matitia-Cohen as global equities chief Fabrizio Gallo shakes up the team, said two people with direct knowledge of the move.

Vince Cable's business department has admitted that the scathing report into Royal Bank of Scotland's treatment of small business customers published last month was different to the one the business secretary had received.

Taxpayers took a hit of at least £230m through the sale of a stake in Lloyds Banking Group, the National Audit Office said on Wednesday, in a report that contradicts government claims that it a made a profit on the privatisation of the bailed-out institution.